beat analysts' earnings estimates by a penny in the latest third quarter, but said the results came in below its internal expectations.
The casual apparel and accessories retailer said earnings rose to $12.5 million, or 39 cents a diluted share, from $12.3 million, or 38 cents a share, for the same period a year ago. Analysts expected the company to earn 38 cents a share for the quarter, according to
First Call/Thomson Financial
Sales for the latest third quarter rose 32% to $163.7 million from $124 million in the year-ago period. Same-store sales for the quarter rose 3.3%.
Although Pacific Sunwear beat Wall Street's expectations for the quarter, the company said profits were hurt by slower sales in August, lower merchandise margins, higher advertising expenses and the effects of opening new stores.